Shannon Semi(SZ:300475) HUAXI Securities·2025-08-29 08:55Investment Rating - The investment rating for the company is "Accumulate" [4] Core Views - The company reported a significant increase in revenue and net profit for the first half of 2025, with revenue reaching 17.123 billion yuan, a year-on-year increase of 119.35%, and a net profit of 158 million yuan, a year-on-year increase of 0.95% [1] - The strong performance is attributed to increased market demand, rising storage prices in Q2, and adjustments in the company's product structure [1] - The company's "product + distribution" strategy is expected to continue to drive growth, particularly in the cloud computing storage sector [2] Financial Summary - The company’s revenue projections for 2025-2027 have been adjusted to 35 billion, 40.68 billion, and 46.218 billion yuan, reflecting year-on-year growth rates of 44.2%, 16.2%, and 13.6% respectively [3] - The forecast for net profit for the same period is 431 million, 730 million, and 1.071 billion yuan, with year-on-year growth rates of 63.2%, 69.3%, and 46.9% respectively [3] - The earnings per share (EPS) are projected to be 0.93, 1.57, and 2.31 yuan for 2025, 2026, and 2027 respectively [3] - As of August 28, 2025, the stock price was 41.49 yuan, corresponding to price-to-earnings (PE) ratios of 36X, 21X, and 15X for the years 2025, 2026, and 2027 [3] Business Development - The company is collaborating with major players like Hynix and DaPo Micro to develop enterprise-level SSD and RDIMM products, which are progressing well [2] - A joint venture with Wuxi Lingjing Cloud Information Technology Co., Ltd. is expected to enhance the company's product sales channels and overall competitiveness [2]